Reply to the following:
In choosing a particular project, there is a lot of financial planning that must take place. In the Marine Corps, we also use a planning process in developing plans for appropriate action. This process consists of six parts: problem framing, the course of action development, the course of action war-gaming, the course of action comparison / decision, orders development and transitioning.
1) During the problem framing stage, it is determined exactly what the problem is by gathering all required intelligence on the issue at hand and why it occurred.
2) Next, it is on to course of action (COA) development, where a "think tank" comes up with an array of plans to solve the problem.
3) After that, the team "war games" or experiments with the COA's, to determine the pros and cons of each.
4) When complete, all findings are brought to the table and feasible solutions are discussed, thus resulting in COA revision/decision.
5) Orders for the ways ahead are then established for the accomplishment of the objective and issued to the right personnel for the job.
6) Lastly, during the transition phase members of the unit assigned the task to begin to prepare for the mission.
We can equate this process to a project manager's decision-making practice, in that there is a lot of information that is gathered and framed, planned, experimented with, compared, revised/decided upon, drafted and executed.
References:
MCWP 5-1, Marine Corps Planning Process retrieved from:
https://www.mca-marines.org/files/MCWP%205-1%20MCPP.pdf
Ross, S. Westerfield, R. and Jordan, B. (2013) Fundamentals of Corporate Finance standard edition 10th edition. McGraw-Hill/Irwin